The Federal Executive Council (FEC) meeting, presided over by President Bola Tinubu, on Monday, gave its approval for the establishment of a Presidential Council on Industrial Revitalization Roadmap.
The council, chaired by President Bola Tinubu, will consist of 10 subcommittees.
Reviving Industries for Economic Growth
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, briefed State House Correspondents on the responsibilities and scope of the new Council. The minister explained that the subcommittees would examine the policies within various ministries, including the Ministry of Industry, Trade and Investment.
“We have numerous policies, frameworks, and guidelines that can help revitalize industries within these ministries and agencies. The aim is to collaborate and develop a single roadmap for each subcommittee, with the overarching goal of fully reviving the economy in accordance with Mr. President’s eight-point agenda,” said Minister Uzoka-Anite.
The minister expressed optimism that the council’s efforts would attract increased investment to various industrial sectors, leading to job creation, employment growth, and an overall increase in key economic indicators, particularly the GDP growth rate. The target is to achieve a GDP growth rate of 7% from the current 3.5% and increase the GDP base to ₦1 trillion, in alignment with the vision of President Bola Tinubu.
The roadmap will specifically focus on stimulating industrial growth and catalyzing the growth of small and medium enterprises (SMEs) across all industrial sectors.
Key Subcommittees and their Roles
The council has established several subcommittees to address specific areas related to industrial revitalization. These subcommittees include:
- Subcommittee on Consumer Credit
- Subcommittee on Commodity Exchange
- Subcommittee on Heavy Industries and Steel Development
- Subcommittee on Trade Facilitation and Ease of Doing Business
- Subcommittee on Licensing and Certification of Artisans
- Subcommittee on Trade Facilitation and Realization
- Subcommittee on Mining and Solid Minerals
- Subcommittee on Oil and Gas
- Subcommittee on Creative Industries
However, the subcommittees on defence, industries, and pharmaceuticals have been temporarily stepped down.
Reviewing Free Trade Zones
In addition to the approval of the Presidential Council on Industrial Revitalization Roadmap, the FEC also approved the formation of a committee to review the setup of Free Trade Zones.
The committee’s objective is to evaluate the existing setup, incentives, laws, and reforms concerning free trade and special economic zones. The committee will then propose reforms to stimulate and maximize the economic benefits of these zones.
The establishment of the Presidential Council on Industrial Revitalization Roadmap and the subsequent review of Free Trade Zones demonstrate the Nigerian government’s commitment to fostering economic growth, attracting investment, and bolstering industrial development across various sectors of the economy.
